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Egypt's cabinet nods to EGP 10bn loan for SCZone

Egypt's cabinet nods to EGP 10bn loan for SCZone
The loan aims to finance part of the authority's projects to support the industry

Cairo - Mubasher: The Egyptian Cabinet has approved an EGP 10 billion long-term co-financing which will be provided by the National Bank of Egypt and Bank Misr to the General Authority for Suez Canal Economic Zone (SCZone).

The loan aims to finance part of the authority's projects to support the industry and attract investments, according to a statement on Wednesday.

Meanwhile, the Chairman of the SCZone, Yehia Zaki, said that the zone seeks to introduce digital applications to some of its ports to support economic activities, including electronic sensors.

Zaki added that the authority has increased the handling capacity at East Port Said Port to 3,127 TEUs during the last 10 months despite the negative impact of the coronavirus (COVID-19) pandemic on the navigation sector.